Financial institutions are businesses that deal with facilitating financial services and products to both individuals and companies. This sector encompasses a wide range of businesses, including banks, insurance companies, investment funds, securities brokers, credit providers, and other similar organizations. Financial institutions play a crucial role in the global economy by mobilizing capital, managing risks, facilitating payments, and providing credit and investment opportunities.
Financial institutions, except insurance and pension funding
Financial institutions are organizations that deal with the management and provision of financial services and products to consumers and businesses. This includes banks, lenders, asset managers, investment companies, financial advisors, and other institutions that focus on providing financial products and services.
Insurance and pension funding (no compulsory social security)
The insurance and pension funds industry provides financial protection against risks such as illness, accidents, fire, and theft, as well as pension plans that provide employees with income after retirement. Insurance companies offer various types of insurance such as life insurance, car insurance, health insurance, and home insurance. Pension funds manage money deposited by employees and employers to provide a pension income when they retire. This industry plays an important role in protecting people against financial losses and providing security for the future.
Other financial services
The sector of other financial services encompasses a wide range of services that do not fall under the traditional banking or insurance sector. This includes services such as leasing, factoring, investment advice and management, financial planning, trust and fiduciary services, currency and money exchange services, and more. These services are offered by various types of financial institutions, such as specialized financial service providers, investment firms, trust offices, and so on.